Mass market tables revenue at its NagaWorld IR in Phnom Penh was up 27.2 percent yearly, to $342.4 million, with an improved win rate of 22.9 percent, compared to 20.3 percent in FY24. Buy-ins were up by 12.6 percent, to $1.49 billion.
Mass-market EGMs also saw an increase, with revenue up 13.5 percent yearly to $142.6 million, and a slight 0.1 percentage-point drop in the win rate to 7.1 percent. EGM bills in were up 12.5 percent yearly to $2.93 billion.
The group noted that its ‘Premium Mass high-limit areas continue to attract higher-value patrons, significantly enhancing Mass Market table yield and driving a notable shift in customer mix’. Premium mass accounted for 38.5 percent of total mass market tables GGR, up by 33.9 percent yearly.
The group’s VIP segment also saw a significant increase in 2025, with Premium VIP revenue up by 32.1 percent to $136.2 million, despite a slightly lower win rate of 3.5 percent (compared to 3.7 percent in 2024). Rolling chip was up by 51.6 percent yearly, to $5.5 billion.
Looking to the Referral VIP market, revenue was up by 57.2 percent, to $70.4 million, with a strong increase in the win rate, from 2.3 percent in FY24 to 3 percent in FY25. Rolling chip was up by 17.2 percent yearly to $2.32 billion.
High-value visitors
The group notes that ‘the strong rebound was fueled by the increased influx of higher-value business travelers into Cambodia and higher gaming spend among our Premium VIP clientele’. The group notes that these clients ‘consist primarily of regional business owners, who demonstrate stronger spending power, extended stay durations and frequent repeat visitation’.
The group also highlighted that increased Chinese visitation to Cambodia during the year contributed to increased footfall and gaming activity in Premium VIP.
Regarding potential risk from its VIP segment, the group noted that the ‘majority of Premium VIP players are cash players, resulting in minimal credit exposure’, highlighting that the increase in rolling chip volume ‘was driven purely by a higher volume of visitors, not by extending credit terms or taking on additional credit risk’.
At the end of 2025, the group had trade receivables amounting to $4.9 million, up from $2.6 million in 2024.
NagaCorp currently has capital and reserves amounting to $2.4 billion, up from $2.2 billion in 2024.
Considering the results, the group has announced a dividend of $0.19 per share for the year for shareholders registered before July 3rd, 2026. The dividend is payable on August 7th, 2026.
No update to Naga 3
Regarding the group’s Naga 3 investments, following the mutual termination of a funding agreement for the project in December of last year, ‘there has been no material update to the Naga 3 project during the year’.
The agreement was signed in 2019 and encompassed the group’s then-controlling shareholder, Dr. Chen Lip Keong, contributing 50 percent of the expected costs for the build-out, around $1.76 billion, as well as any potential cost overruns.
NagaCorp, in December of last year, indicated that it will continue the development of the project, but ‘will evaluate the remaining development plan of Naga 3 and explore alternative sources of funding, if necessary’. NagaCorp had previously announced that it was pushing back the completion of Naga 3 by four years, to September of 2029, after previously expecting its completion by September of 2025. This also included a project resize.
Initially, the project was expected to elevate the resort’s offerings to 5,000 hotel rooms, 1,300 gaming tables, and 4,500 electronic gaming machines.
Dingnews.com 24/03/2026